JIAYUAN SER (01153.HK): HKEX Imposes Disciplinary Action against Three Former Directors over Unauthorised Fund Transfers Totalling RMB1.995 Billion
NewTimeSpace News: The Stock Exchange of Hong Kong Limited (HKEX) has taken disciplinary action against three former directors of JIAYUAN SER (01153.HK). A statement of unfitness to act as a director was issued against former Chairman Zhu Hongge, while former executive directors Bao Guojun and Pang Bo received statements of prejudice to investors’ interests together with formal reprimands. Between January 2021 and December 2022, JIAYUAN SER completed 398 unauthorised fund transfers aggregating around RMB1.995 billion to entities controlled by controlling shareholder Shen Tianqing, including IPO proceeds, with an unrecovered net amount of approximately RMB644 million.
NewTimeSpace News: The Stock Exchange of Hong Kong Limited issued a disciplinary statement on 17 July 2026, imposing disciplinary sanctions on three former directors of JIAYUAN SER (01153.HK).
From January 2021 to December 2022, without reporting to or securing approval from any directors, JIAYUAN SER carried out 398 fund transfers totalling roughly RMB1.995 billion to entities under the control of controlling shareholder Shen Tianqing, which covered funds raised from its listing. The Group recovered about RMB1.351 billion from those entities, leaving an unrecovered net balance of around RMB644 million that was fully written off subsequently. The Group’s cash and bank balances slumped from RMB633 million at the end of 2021 to merely RMB24 million at the end of 2022, and its equity position swung from a surplus of RMB627 million to a deficit of RMB34 million.
The Listing Committee ruled that former Chairman Zhu Hongge breached Listing Rules 3.08 and 3.09B by approving proposals such as artificially inflating bank balances and producing falsified bank statements. Former executive directors Bao Guojun and Pang Bo failed to properly supervise financial affairs. HKEX issued a statement confirming Zhu Hongge’s unfitness to serve as a director, and issued statements of prejudice to investors’ interests alongside formal reprimands against Bao Guojun and Pang Bo.
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